Finance

Wall Street opens in the red and the Dow Jones falls 0.31%

Wall Street opens in the red and the Dow Jones falls 0.31%

New York, Sep 15 (EFE).- Wall Street opened this Thursday in the red and its main indicator, the Dow Jones Industrial Average, subtracted 0.31%, thus returning to the downward trend that began this Tuesday after learning that the rate Year-on-year inflation in the United States moderated its rise in August, but less than expected.

Ten minutes after the session began on the New York Stock Exchange, the Dow Jones lost 97.67 points to 31,037.42 while the selective S&P 500 subtracted 0.43% or 16.92 units to 3,929.09.

For its part, the Nasdaq market composite index, which brings together the main technology companies, fell by almost 0.48% or 56.83 integers, to 11,662.85.

Inflation and the measures taken by the Federal Reserve (Fed) to curb it continue to be the main concern of shareholders.

Inflation in the United States fell again in August, for the second consecutive month, and placed its year-on-year rate at 8.3%, two tenths less than in July, according to data published yesterday by the Bureau of Labor Statistics (BLS).

However, compared to the previous month, consumer prices rose one tenth, after having remained stable in July, despite the 10.6% drop in gasoline prices.

The latest inflation data out of the US dampened investors’ hopes that the Federal Reserve could reduce its aggressive pace of raising interest rates.

Some experts are now even forecasting that the Federal Reserve may raise its interest rate by 1 percentage point at its next meeting.

However, not all the data has been negative this week; for example, yesterday it was announced that the producer price index, which measures what suppliers charge companies and other customers, decreased by 0.1% from the previous month.

By sectors, the losses of energy (-1.99%) and public services (-1.97%) stood out this morning, at the other extreme the sectors that gained the most at the opening were the health sector (0.37%) and communications (0.14%).

Regarding the 30 Dow Jones listed companies, more than two thirds woke up in the red and the biggest drops were for Chevron (-1.77%) and Salesforce (-1.47%), while the earnings of UnitedHealth stood out (1.41%) and Walgreens (0.53%).

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Elsewhere, Texas oil fell to $86.88 a barrel, the 10-year US Treasury yield rose to 3.449%, gold lost value to $1,692.40 an ounce, and the dollar lost ground against to the euro, with an exchange rate of 0.9986.

(c) EFE Agency

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